------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): November 14, 2000
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated as of
October 31, 2000, providing for the issuance of the Vanderbilt
Mortgage and Finance, Inc., Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 2000-D).
CLAYTON HOMES, INC.
VANDERBILT MORTGAGE AND FINANCE, INC.
--------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Clayton Homes, Inc. - Del.
Vanderbilt - Tennessee 333-75405 62-0997810
-----------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
500 Alcoa Trail
Maryville, Tennessee 37804
--------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (423) 380-3000
-----------------------------------------
Former Address:
-----------------------------------------
Item 5. Other Events
Filing of Computational Materials.
---------------------------------
In connection with the offering of the Vanderbilt Mortgage and Finance,
Inc. ("Vanderbilt") Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 2000-D, Credit Suisse First Boston
Corporation and Bear, Stearns & Co. Inc., as the underwriters of the
Certificates (the "Underwriters") have provided certain materials (the
"Computational Materials") for distribution to its potential investors.
Although the Company provided the Underwriters with certain information
regarding the characteristics of the Contracts in the related portfolio, it
did not participate in the preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to any Class
or Classes of Certificates, any of the following: yield; average life;
duration; expected maturity; interest rate sensitivity; loss sensitivity; cash
flow characteristics; background information regarding the Contracts; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature.
The Computational Materials provided by Credit Suisse First Boston Corporation
and Bear, Stearns & Co. Inc. are attached hereto as Exhibit 99.1.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
------------------------------------------------------------------
(c) Exhibits:
99.1 Computational Materials - Credit Suisse First Boston Corporation and
Bear, Stearns & Co. Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.
By /s/ David Jordan
-----------------------------------
Name: David Jordan
Title: Secretary
CLAYTON HOMES, INC.
By /s/ Amber Krupacs
-------------------------
Name: Amber Krupacs
Title: Vice President
Dated: November 15, 2000
<PAGE>
Exhibit Index
-------------
Exhibit
-------
99.1 Computational Materials - Credit Suisse First Boston Corporation and
Bear, Stearns & Co. Inc.
<PAGE>
SUBJECT TO REVISION
SERIES TERM SHEET DATED November 14, 2000
$278,285,694
[LOGO OMITTED]
Vanderbilt Mortgage and Finance, Inc.
Seller and Servicer
Manufactured Housing Contract
Senior/Subordinated Pass-Through Certificates, Series 2000-D
Attached is a preliminary Series Term Sheet describing the structure,
collateral pool and certain aspects of the Vanderbilt Mortgage and Finance,
Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 2000-D. The Series Term Sheet has been prepared by
Vanderbilt Mortgage and Finance, Inc. for informational purposes only and is
subject to modification or change. The information and assumptions contained
therein are preliminary and will be superseded by a prospectus, prospectus
supplement and by any other additional information subsequently filed with the
Securities and Exchange Commission or incorporated by reference in the
Registration Statement.
Neither Credit Suisse First Boston Corporation, Bear, Stearns & Co., Inc. nor
any of its respective affiliates makes any representation as to the accuracy
or completeness of any of the information set forth in the attached Series
Term Sheet. This cover sheet is not part of the Series Term Sheet.
A Registration Statement (including a base prospectus) relating to the
Pass-Through Certificates has been filed with the Securities and Exchange
Commission and declared effective. The final Prospectus and Prospectus
Supplement relating to the securities will be filed after the securities have
been priced and all of the terms and information are finalized. This
communication is not an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. Interested persons
are referred to the final Prospectus and Prospectus Supplement to which the
securities relate. Any investment decision should be based only upon the
information in the final Prospectus and Prospectus Supplement as of their
publication dates.
Credit Suisse First Boston Bear, Stearns & Co., Inc.
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000-D
$278,285,694 (approximate)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRELIMINARY INFORMATION ONLY
Offered Certificates
Class A-1 Class A-2 Class A-3 Class A-4 Class A-5 Class M-1 Class B-1 Class B-2
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Amount: $63,000,000 $61,000,000 $43,000,000 $61,193,000 $12,523,000 $11,132,000 $11,132,000 $15,305,694
Type: Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed
Coupon: [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
Approx. Price [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
Yield (%): [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
Spread (bps): TBD TBD TBD TBD TBD TBD TBD TBD
Avg Life 1.00 3.00 5.23 9.96 13.36 9.32 6.40 11.45
(To Call):
Avg Life 1.00 3.00 5.23 10.04 16.83 9.81 6.40 14.87
(To Mat):
1st Prin Pymt 12/00 11/02 01/05 08/07 04/14 11/05 11/05 01/09
(To Call):
Last Prin Pymt 11/02 01/05 08/07 04/14 04/14 04/14 01/09 04/14
(To Call):
Last Prin Pymt 11/02 01/05 08/07 11/15 04/20 04/20 01/09 03/30
(To Mat):
Stated Mat: 01/09 01/14 02/18 07/27 12/30 12/30 06/18 12/30
Expected Settlement: 11/28/00 11/28/00 11/28/00 11/28/00 11/28/00 11/28/00 11/28/00 11/28/00
Payment Delay: 6 days 6 days 6 days 6 days 6 days 6 days 6 days 6 days
Interest Payment 30/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360
Basis:
Dated Date: 11/1/00 11/1/00 11/1/00 11/1/00 11/1/00 11/1/00 11/1/00 11/1/00
Ratings Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- A2/A Baa2/BBB Baa2/BBB
(Moody's/Fitch):
Pricing Date: TBD TBD TBD TBD TBD TBD TBD TBD
Prepayment Speed: 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 2
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000-D
$278,285,694 (approximate)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Title of Securities: Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 2000-D
Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class M-1, Class B-1, and Class B-2
fixed rate certificates.
Seller: Vanderbilt Mortgage and Finance, Inc.
Servicer: Vanderbilt Mortgage and Finance, Inc.
Underwriters: Credit Suisse First Boston Corporation (lead)
Bear, Stearns & Co., Inc. (co)
Trustee: The Chase Manhattan Bank
Credit Enhancement: 1) Excess interest
2) Subordination
3) Limited Guarantee of Clayton Homes, Inc. (Class B-2 only)
Excess Interest: Excess interest cashflows will be available as credit enhancement.
Collateral: Fixed rate manufactured housing contracts and loans, except for less than 2% of
the loans that are adjustable rate loans.
</TABLE>
<TABLE>
<CAPTION>
Subordination:
------------------------------------------------------------------------------
Rating
Class (Moody's/Fitch) Subordination
------------------------------------------------------------------------------
<S> <C> <C>
Class A-1 - A-4 Aaa/AAA 18.00%
Class A-5 Aa3/AA- 13.50%
Class M-1 A2/A 9.50%
Class B-1 Baa2/BBB 5.50%
Class B-2 Baa2/BBB N/A
------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class Sizes:
------------------------------------------------------------------------------
Rating
Class (Moody's/Fitch) Class Size
------------------------------------------------------------------------------
<S> <C> <C>
Class A-1 - A-4 Aaa/AAA 82.00%
Class A-5 Aa3/AA- 4.50%
Class M-1 A2/A 4.00%
Class B-1 Baa2/BBB 4.00%
Class B-2 Baa2/BBB 5.50%
------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 3
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000-D
$278,285,694 (approximate)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
OFFERED CERTIFICATES
Total Size: $ 278,285,694 (approximate)
Maximum Rate: Remittance rates on the Class A-1, A-2, A-3, A-4, A-5, M-1, B-1 and B-2
Certificates are subject to a maximum rate equal to (a) the weighted average contract
rate of the contracts less (b) if Vanderbilt is no longer the servicer, the servicing fee
of 1.25%.
Servicing Fee: For as long as Vanderbilt is the servicer, the servicing fee of 1.25% per annum is
subordinate to the Offered Certificates on a monthly basis.
Cashflow Priority: PRICING BASE CASE CLASS M-1 AND CLASS B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed interest to Classes A-1 through A-4;
2) The Class A percentage of the Formula Principal Distribution Amount sequentially to
Classes A-1, A-2, A-3, and A-4 until such class is reduced to zero;
3) Current interest and any previously unreimbursed interest to Class A-5 Certificates;
4) Remaining Class A percentage of the Formula Principal Distribution Amount to Class A-5
until such class is reduced to zero;
5) Current interest and any previously unreimbursed interest to Class M-1 Certificates;
6) Mezzanine percentage of the Formula Principal Distribution Amount to Class M-1 until
such class is reduced to zero;
7) Current interest and any previously unreimbursed interest to Class B-1 Certificates;
8) Class B percentage of the Formula Principal Distribution Amount to Class B-1 until
such class is reduced to zero;
9) Current interest and any previously unreimbursed interest to Class B-2 Certificates;
10) Remaining Formula Principal Distribution Amount to Class B-2 until such class is
reduced to zero;
11) The amount of any principal reimbursement to Clayton Homes for Enhancement Payments
with respect to the Class B-2 Certificates which remains unpaid after giving effect to
the distribution described above;
12) As long as Vanderbilt is the Servicer, any remainder up to the amount equal to 1/12th
of the product of 1.25% and the pool scheduled principal balance to the Servicer;
13) Any remainder to the Class R Certificates.
</TABLE>
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| | | | | |
|Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5 |
|(AAA/Aaa) | (AAA/Aaa) | (AAA/Aaa) | (AAA/Aaa) | (AA-/Aa3) |
| | | | | |
| | | | | |
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| | Class M-1(A/A2) |
| 5-Year Lockout |-------------------------------------------
| | Class B-1 | Class B-2 |
| | (BBB/Baa2) | (BBB/Baa2) |
----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 4
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000-D
$278,285,694 (approximate)
-------------------------------------------------------------------------------
Cashflow Priority: CLASS M-1 AND CLASS B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed interest to
Classes A-1 through A-4 Certificates;
2) 100% of the Formula Principal Distribution Amount sequentially
to Classes A-1, A-2, A-3, and A-4 until such class is reduced to
zero;
3) Current interest and any previously unreimbursed interest to
Class A-5 Certificates;
4) 100% of remaining formula principal payments to Class A-5 until
such Class is reduced to zero;
5) Current interest and any previously unreimbursed interest to
Class M-1 Certificates;
6) 100% of remaining formula principal payments to Class M-1 until
such Class is reduced to zero;
7) Current interest and any previously unreimbursed interest to
Class B-1 Certificates;
8) 100% of remaining formula principal payments to Class B-1 until
such Class is reduced to zero;
9) Current interest and any previously unreimbursed interest to
Class B-2 Certificates;
10) 100% of remaining formula principal payments to Class B-2 until
such Class is reduced to zero;
11) The amount of any principal reimbursement to Clayton Homes for
Enhancement Payments with respect to the Class B-2 Certificates
which remains unpaid after giving effect to the distribution
described above;
12) So long as Vanderbilt is the Servicer, any remainder up to the
amount equal to 1/12th of the product of 1.25% and the pool
scheduled principal balance to the Servicer;
13) Any remainder to the Class R Certificates.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------
| | | | | | | | |
| | | | | | | | |
| Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5 | Class M-1 | Class B-1 | Class B-2 |
| (AAA/Aaa) | (AAA/Aaa) | (AAA/Aaa) | (AAA/Aaa) | (AA-/Aa3) | (A/A2) | (BBB/Baa2) | (BBB/Baa2) |
| | | | | | | | |
| | | | | | | | |
--------------------------------------------------------------------------------------------------------------------
</TABLE>
THE CLASS M-1 AND CLASS B TRIGGERS ARE MET IF:
1) Remittance Date is on or after November 2005
2) Class M-1 Percentage plus Class B Percentage is at least
[23.63]% (which is 1.75 times the sum of the original Class M-1
Percentage and the original Class B Percentage).
3) Cumulative Realized Losses do not exceed [7]% for year 2005,
[8]% for year 2006, and [9]% for year 2007 and beyond of the
Original Principal Balance of the Contracts
4) Current Realized Loss Ratio does not exceed [2.75]%
5) Average 60 Day Delinquency Ratio does not exceed [5]%
6) Average 30 Day Delinquency Ratio does not exceed [7]%
7) Class B-2 Principal Balance must not be less than $[5,565,714]
(which represents approximately 2% of the Total Original
Principal Balance).
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 5
<PAGE>
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Cleanup Call: The Servicer may call the Certificates at
par plus accrued interest after the remaining
pool balance is less than 10% of the Cut-off
Date pool principal balance.
Remittance Date: The 7th day of each month or, if such day is not
a business day, the next succeeding business
day, beginning in [December] 2000.
Interest Accrual: Interest will accrue from the 1st day of the
preceding month until the 30th day of the
preceding month. Interest is calculated using a
30/360 day count.
ERISA Considerations: All classes of certificates are
expected to be ERISA eligible. However,
investors should consult with their counsel
with respect to the consequences under ERISA
and the Code of the Plan's acquisition and
ownership of such Certificates.
Prospectus: The Certificates are being offered pursuant to
a Prospectus which includes a Prospectus
Supplement (together, the "Prospectus").
Complete information with respect to the
Certificates and the Collateral is contained in
the Prospectus. The foregoing is qualified in
its entirety by the information appearing in
the Prospectus. To the extent that the
foregoing is inconsistent with the Prospectus,
the Prospectus shall govern in all respects.
Sales of the Certificates may not be
consummated unless the purchaser has received
the Prospectus.
Further Information: Call the ABS trading desk at (212)
325-2747, John Herbert at (212) 325-2412, Susan
Menkhaus at (212) 325-3475, Jack Macdowell at
(212) 325-1251, or Phil Li at (212) 325-5945
with questions.
<TABLE>
<CAPTION>
<S> <C>
Summary Collateral Information
Total Collateral Amount: $278,285,694
Average Unpaid Prin. Balance: $39,517.99
Maximum Original Balance: $252,700.00
Weighted Average Collateral Coupon: 11.550%
Coupon Range: 8.000% - 18.490%
Weighted Average Maturity (months): 249
Weighted Average Original Term (months): 253
Weighted Average LTV: 85.212%
New: 77.37%
Used: 22.63%
Multi-wide: 50.59%
Site Built: 11.50%
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 6
<PAGE>
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
VMF00D, Class A-1--Price/Yield
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUSIP Face $63,000,000.00 Settle at Pricing
Coupon 7.02 Original Balance $63,000,000.00 Accrual begins 11/1/2000
Delay 6 Current Balance $63,000,000.00 Factor Date N/A
Stated Maturity N/A Factor 1
Type SEN FIX
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Price 150MHP 175MHP 200MHP 225MHP 250MHP
Yield
99.7188 7.267 7.284 7.301 7.317 7.334
99.7344 7.253 7.269 7.284 7.299 7.314
99.7500 7.240 7.253 7.267 7.280 7.294
99.7656 7.226 7.238 7.250 7.262 7.274
99.7813 7.212 7.223 7.233 7.243 7.254
99.7969 7.199 7.207 7.216 7.225 7.234
99.8125 7.185 7.192 7.199 7.206 7.214
99.8281 7.171 7.177 7.182 7.188 7.194
99.8438 7.158 7.161 7.165 7.169 7.173
99.8594 7.144 7.146 7.149 7.151 7.153
99.8750 7.130 7.131 7.132 7.132 7.133
99.8906 7.116 7.116 7.115 7.114 7.113
99.9063 7.103 7.100 7.098 7.096 7.093
99.9219 7.089 7.085 7.081 7.077 7.073
99.9375 7.075 7.070 7.064 7.059 7.053
99.9531 7.062 7.055 7.047 7.040 7.033
99.9688 7.048 7.039 7.031 7.022 7.013
99.9844 7.035 7.024 7.014 7.003 6.993
100.0000 7.021 7.009 6.997 6.985 6.973
100.0156 7.007 6.994 6.980 6.967 6.953
100.0313 6.994 6.978 6.963 6.948 6.933
100.0469 6.980 6.963 6.947 6.930 6.913
100.0625 6.966 6.948 6.930 6.911 6.893
100.0781 6.953 6.933 6.913 6.893 6.873
100.0938 6.939 6.918 6.896 6.875 6.853
WAL 1.25 1.11 1.00 0.91 0.84
Principal Window Dec00 to May03 Dec00 to Feb03 Dec00 to Nov02 Dec00 to Sep02 Dec00 to Aug02
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 7
<PAGE>
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
VMF00D, Class A-2--Price/Yield
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUSIP Face $61,000,000.00 Settle at Pricing
Coupon 7.065 Original Balance $61,000,000.00 Accrual begins 11/1/2000
Delay 6 Current Balance $61,000,000.00 Factor Date N/A
Stated Maturity N/A Factor 1
Type SEN FIX
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Price 150MH 175MHP 200MHP 225MHP 250MHP
Yield
99.7188 7.221 7.227 7.232 7.238 7.244
99.7344 7.216 7.221 7.226 7.232 7.237
99.7500 7.211 7.216 7.220 7.225 7.230
99.7656 7.206 7.210 7.214 7.218 7.222
99.7813 7.202 7.205 7.208 7.212 7.215
99.7969 7.197 7.200 7.202 7.205 7.208
99.8125 7.192 7.194 7.196 7.199 7.201
99.8281 7.187 7.189 7.190 7.192 7.194
99.8438 7.182 7.183 7.184 7.186 7.187
99.8594 7.177 7.178 7.178 7.179 7.180
99.8750 7.172 7.172 7.172 7.173 7.173
99.8906 7.167 7.167 7.166 7.166 7.166
99.9063 7.162 7.161 7.160 7.160 7.159
99.9219 7.157 7.156 7.154 7.153 7.152
99.9375 7.152 7.150 7.148 7.147 7.145
99.9531 7.147 7.145 7.142 7.140 7.138
99.9688 7.142 7.139 7.137 7.134 7.131
99.9844 7.138 7.134 7.131 7.127 7.123
100.0000 7.133 7.129 7.125 7.120 7.116
100.0156 7.128 7.123 7.119 7.114 7.109
100.0313 7.123 7.118 7.113 7.107 7.102
100.0469 7.118 7.112 7.107 7.101 7.095
100.0625 7.113 7.107 7.101 7.094 7.088
100.0781 7.108 7.101 7.095 7.088 7.081
100.0938 7.103 7.096 7.089 7.081 7.074
WAL 3.75 3.33 3.00 2.73 2.50
Principal Window May03 to Feb06 Feb03 to Jul05 Nov02 to Jan05 Sep02 to Sep04 Aug02 to May04
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 8
<PAGE>
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
VMF00D, Class A-3--Price/Yield
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUSIP Face $43,000,000.00 Settle at Pricing
Coupon 7.44 Original Balance $43,000,000.00 Accrual begins 11/1/2000
Delay 6 Current Balance $43,000,000.00 Factor Date N/A
Stated Maturity N/A Factor 1
Type SEN FIX
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Price 150MHP 175MHP 200MHP 225MHP 250MHP
Yield
99.7188 7.587 7.590 7.594 7.597 7.601
99.7344 7.584 7.587 7.590 7.593 7.597
99.7500 7.581 7.583 7.586 7.589 7.592
99.7656 7.578 7.580 7.583 7.585 7.588
99.7813 7.575 7.577 7.579 7.581 7.583
99.7969 7.572 7.573 7.575 7.577 7.579
99.8125 7.569 7.570 7.571 7.573 7.574
99.8281 7.566 7.567 7.568 7.569 7.570
99.8438 7.562 7.563 7.564 7.565 7.565
99.8594 7.559 7.560 7.560 7.561 7.561
99.8750 7.556 7.556 7.556 7.556 7.556
99.8906 7.553 7.553 7.553 7.552 7.552
99.9063 7.550 7.550 7.549 7.548 7.548
99.9219 7.547 7.546 7.545 7.544 7.543
99.9375 7.544 7.543 7.541 7.540 7.539
99.9531 7.541 7.540 7.538 7.536 7.534
99.9688 7.538 7.536 7.534 7.532 7.530
99.9844 7.535 7.533 7.530 7.528 7.525
100.0000 7.532 7.529 7.527 7.524 7.521
100.0156 7.529 7.526 7.523 7.520 7.516
100.0313 7.526 7.523 7.519 7.515 7.512
100.0469 7.523 7.519 7.515 7.511 7.508
100.0625 7.520 7.516 7.512 7.507 7.503
100.0781 7.517 7.513 7.508 7.503 7.499
100.0938 7.514 7.509 7.504 7.499 7.494
WAL 6.78 5.93 5.23 4.68 4.24
Principal Window Feb06 to Jun09 Jul05 to Jun08 Jan05 to Aug07 Sep04 to Nov06 May04 to Feb06
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 9
<PAGE>
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
VMF00D, Class A-4--Price/Yield
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUSIP Face $61,193,000.00 Settle at Pricing
Coupon 7.84 Original Balance $61,193,000.00 Accrual begins 11/1/2000
Delay 6 Current Balance $61,193,000.00 Factor Date N/A
Stated Maturity N/A Factor 1
Type SEN FIX
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Price 150MHP 175MHP 200MHP 225MHP 250MHP
Yield
99.7188 7.989 7.991 7.992 7.994 7.995
99.7344 7.987 7.988 7.990 7.991 7.993
99.7500 7.985 7.986 7.987 7.988 7.990
99.7656 7.983 7.984 7.985 7.986 7.987
99.7813 7.981 7.982 7.982 7.983 7.984
99.7969 7.979 7.979 7.980 7.981 7.982
99.8125 7.977 7.977 7.978 7.978 7.979
99.8281 7.975 7.975 7.975 7.976 7.976
99.8438 7.973 7.973 7.973 7.973 7.974
99.8594 7.970 7.971 7.971 7.971 7.971
99.8750 7.968 7.968 7.968 7.968 7.968
99.8906 7.966 7.966 7.966 7.966 7.965
99.9063 7.964 7.964 7.964 7.963 7.963
99.9219 7.962 7.962 7.961 7.961 7.960
99.9375 7.960 7.959 7.959 7.958 7.957
99.9531 7.958 7.957 7.956 7.956 7.955
99.9688 7.956 7.955 7.954 7.953 7.952
99.9844 7.954 7.953 7.952 7.950 7.949
100.0000 7.952 7.951 7.949 7.948 7.946
100.0156 7.950 7.948 7.947 7.945 7.944
100.0313 7.947 7.946 7.945 7.943 7.941
100.0469 7.945 7.944 7.942 7.940 7.938
100.0625 7.943 7.942 7.940 7.938 7.936
100.0781 7.941 7.939 7.937 7.935 7.933
100.0938 7.939 7.937 7.935 7.933 7.930
WAL 12.12 10.98 9.96 9.03 8.18
Principal Window Jun09 to Jul16 Jun08 to Apr15 Aug07 to Apr14 Nov06 to May13 Feb06 to Jul12
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 10
<PAGE>
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
VMF00D, Class A-5--Price/Yield
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUSIP Face $12,523,000.00 Settle at Pricing
Coupon 8.14 Original Balance $12,523,000.00 Accrual begins 11/1/2000
Delay 6 Current Balance $12,523,000.00 Factor Date N/A
Stated Maturity N/A Factor 1
Type SEN FIX
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Price 150MHP 175MHP 200MHP 225MHP 250MHP
Yield
99.7188 8.296 8.297 8.298 8.299 8.299
99.7344 8.294 8.295 8.296 8.296 8.297
99.7500 8.293 8.293 8.294 8.294 8.295
99.7656 8.291 8.291 8.292 8.292 8.293
99.7813 8.289 8.289 8.290 8.290 8.291
99.7969 8.287 8.287 8.288 8.288 8.289
99.8125 8.285 8.286 8.286 8.286 8.286
99.8281 8.283 8.284 8.284 8.284 8.284
99.8438 8.282 8.282 8.282 8.282 8.282
99.8594 8.280 8.280 8.280 8.280 8.280
99.8750 8.278 8.278 8.278 8.278 8.278
99.8906 8.276 8.276 8.276 8.276 8.276
99.9063 8.274 8.274 8.274 8.274 8.273
99.9219 8.272 8.272 8.272 8.272 8.271
99.9375 8.271 8.270 8.270 8.270 8.269
99.9531 8.269 8.268 8.268 8.267 8.267
99.9688 8.267 8.266 8.266 8.265 8.265
99.9844 8.265 8.265 8.264 8.263 8.263
100.0000 8.263 8.263 8.262 8.261 8.261
100.0156 8.262 8.261 8.260 8.259 8.258
100.0313 8.260 8.259 8.258 8.257 8.256
100.0469 8.258 8.257 8.256 8.255 8.254
100.0625 8.256 8.255 8.254 8.253 8.252
100.0781 8.254 8.253 8.252 8.251 8.250
100.0938 8.252 8.251 8.250 8.249 8.248
WAL 15.61 14.36 13.36 12.44 11.61
Principal Window Jul16 to Jul16 Apr15 to Apr15 Apr14 to Apr14 May13 to May13 Jul12 to Jul12
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 11
<PAGE>
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
VMF00D, Class M-1--Price/Yield
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUSIP Face $11,132,000.00 Settle at Pricing
Coupon 8.53 Original Balance $11,132,000.00 Accrual begins 11/1/2000
Delay 6 Current Balance $11,132,000.00 Factor Date N/A
Stated Maturity N/A Factor 1
Type MEZ FIX
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Price 150MHP 175MHP 200MHP 225MHP 250MHP
Yield
99.7188 8.705 8.705 8.706 8.707 8.707
99.7344 8.702 8.703 8.703 8.704 8.705
99.7500 8.700 8.700 8.701 8.701 8.702
99.7656 8.697 8.698 8.698 8.699 8.699
99.7813 8.695 8.695 8.696 8.696 8.696
99.7969 8.692 8.693 8.693 8.693 8.694
99.8125 8.690 8.690 8.690 8.691 8.691
99.8281 8.688 8.688 8.688 8.688 8.688
99.8438 8.685 8.685 8.685 8.685 8.685
99.8594 8.683 8.683 8.683 8.683 8.683
99.8750 8.680 8.680 8.680 8.680 8.680
99.8906 8.678 8.678 8.678 8.677 8.677
99.9063 8.675 8.675 8.675 8.675 8.674
99.9219 8.673 8.673 8.672 8.672 8.672
99.9375 8.671 8.670 8.670 8.669 8.669
99.9531 8.668 8.668 8.667 8.667 8.666
99.9688 8.666 8.665 8.665 8.664 8.664
99.9844 8.663 8.663 8.662 8.661 8.661
100.0000 8.661 8.660 8.659 8.659 8.658
100.0156 8.658 8.658 8.657 8.656 8.655
100.0313 8.656 8.655 8.654 8.653 8.653
100.0469 8.654 8.652 8.652 8.651 8.650
100.0625 8.651 8.650 8.649 8.648 8.647
100.0781 8.649 8.647 8.646 8.646 8.645
100.0938 8.646 8.645 8.644 8.643 8.642
WAL 10.38 9.78 9.32 8.91 8.53
Principal Window Dec05 to Jul16 Nov05 to Apr15 Nov05 to Apr14 Nov05 to May13 Nov05 to Jul12
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 12
<PAGE>
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
VMF00D, Class B-1--Price/Yield
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUSIP Face $11,132,000.00 Settle at Pricing
Coupon 9.37 Original Balance $11,132,000.00 Accrual begins 11/1/2000
Delay 6 Current Balance $11,132,000.00 Factor Date N/A
Stated Maturity N/A Factor 1
Type MEZ FIX
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Price 150MHP 175MHP 200MHP 225MHP 250MHP
Yield
99.7188 9.581 9.581 9.582 9.582 9.583
99.7344 9.577 9.578 9.579 9.579 9.579
99.7500 9.574 9.575 9.575 9.575 9.576
99.7656 9.571 9.571 9.572 9.572 9.572
99.7813 9.568 9.568 9.568 9.569 9.569
99.7969 9.564 9.565 9.565 9.565 9.565
99.8125 9.561 9.561 9.562 9.562 9.562
99.8281 9.558 9.558 9.558 9.558 9.558
99.8438 9.555 9.555 9.555 9.555 9.555
99.8594 9.551 9.551 9.551 9.551 9.551
99.8750 9.548 9.548 9.548 9.548 9.548
99.8906 9.545 9.545 9.545 9.544 9.544
99.9063 9.542 9.541 9.541 9.541 9.541
99.9219 9.538 9.538 9.538 9.537 9.537
99.9375 9.535 9.535 9.534 9.534 9.534
99.9531 9.532 9.531 9.531 9.531 9.530
99.9688 9.529 9.528 9.528 9.527 9.527
99.9844 9.525 9.525 9.524 9.524 9.523
100.0000 9.522 9.521 9.521 9.520 9.520
100.0156 9.519 9.518 9.517 9.517 9.516
100.0313 9.516 9.515 9.514 9.513 9.513
100.0469 9.513 9.511 9.511 9.510 9.509
100.0625 9.509 9.508 9.507 9.506 9.506
100.0781 9.506 9.505 9.504 9.503 9.502
100.0938 9.503 9.501 9.500 9.500 9.499
WAL 6.83 6.56 6.40 6.26 6.14
Principal Window Dec05 to Nov09 Nov05 to May09 Nov05 to Jan09 Nov05 to Oct08 Nov05 to Jul08
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 13
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
VMF00D, Class B-2--Price/Yield
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUSIP Face $15,305,694.00 Settle at Pricing
Coupon 9.5 Original Balance $15,305,694.00 Accrual begins 11/1/2000
Delay 6 Current Balance $15,305,694.00 Factor Date N/A
Stated Maturity N/A Factor 1
Type JUN FIX
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Price 150MHP 175MHP 200MHP 225MHP 250MHP
Yield
97.3125 10.054 10.066 10.078 10.090 10.102
97.3281 10.051 10.064 10.075 10.087 10.099
97.3438 10.049 10.062 10.073 10.085 10.096
97.3594 10.047 10.059 10.071 10.082 10.094
97.3750 10.045 10.057 10.068 10.080 10.091
97.3906 10.042 10.055 10.066 10.077 10.089
97.4063 10.040 10.052 10.063 10.075 10.086
97.4219 10.038 10.050 10.061 10.072 10.083
97.4375 10.035 10.047 10.058 10.069 10.081
97.4531 10.033 10.045 10.056 10.067 10.078
97.4688 10.031 10.043 10.054 10.064 10.076
97.4844 10.029 10.040 10.051 10.062 10.073
97.5000 10.026 10.038 10.049 10.059 10.071
97.5156 10.024 10.036 10.046 10.057 10.068
97.5313 10.022 10.033 10.044 10.054 10.065
97.5469 10.019 10.031 10.041 10.052 10.063
97.5625 10.017 10.029 10.039 10.049 10.060
97.5781 10.015 10.026 10.036 10.047 10.058
97.5938 10.013 10.024 10.034 10.044 10.055
97.6094 10.010 10.021 10.032 10.042 10.052
97.6250 10.008 10.019 10.029 10.039 10.050
97.6406 10.006 10.017 10.027 10.037 10.047
97.6563 10.003 10.014 10.024 10.034 10.045
97.6719 10.001 10.012 10.022 10.032 10.042
97.6875 9.999 10.010 10.019 10.029 10.040
WAL 12.99 12.13 11.45 10.83 10.27
Principal Window Nov09 to Jul16 May09 to Apr15 Jan09 to Apr14 Oct08 to May13 Jul08 to Jul12
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 14
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Total Collateral $278,285,694.14
Cut Off Date of Tape: 10/31/00
-----------------------------------------------------------------------------
Number of Loans: 7,042
Aggregate Unpaid Principal Balance: $278,285,694.14
Aggregate Original Principal Balance: $280,359,826.92
Weighted Average Gross Coupon: 11.550%
Gross Coupon Range: 8.000% - 18.490%
-----------------------------------------------------------------------------
Average Unpaid Principal Balance: $39,517.99
Average Original Principal Balance: $39,812.53
Maximum Unpaid Principal Balance: $252,398.90
Minimum Unpaid Principal Balance: $4,436.12
Maximum Original Principal Balance: $252,700.00
Minimum Original Principal Balance: $4,950.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 249.171
Stated Rem Term Range: 30.000 - 360.000
Weighted Average Age : 3.747
Age Range: 0.000 - 162.000
Weighted Average Original Term: 252.918
Original Term Range: 36.000 - 360.000
Weighted Average Original LTV: 85.212
Original LTV Range: 0.000% - 100.000%
--------------------------------------------------------------------
Greatest Zip Code Concentration
ZIP 37087 20 Loans 0.32% $877,014.40
New 77.37% $215,319,483
Used 22.63% $62,966,210
Multi-section 50.59% $140,773,848
Single-section 49.41% $137,511,846
Not Parked 65.23% $181,529,579
Parked 23.26% $64,742,555
Site Built 11.50% $32,013,561
Fixed Rate Collateral 98.24% 273,390,421.97
Adjustable Rate Collateral 1.76% 4,895,272.17
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 15
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Geographical Distribution of Manufactured Homes as of Origination
Aggregate Principal Pct.
Number of Contracts Balance Outstanding of
State As of Cut-off Date As of Cut-off Date Total
----- ------------------- ------------------- -----
Alabama 139 5,225,694 1.88
Alaska 1 48,200 .02
Arizona 110 4,976,234 1.79
Arkansas 135 5,864,733 2.11
California 34 1,594,698 .57
Colorado 69 3,024,998 1.09
Connecticut 4 284,959 .10
Delaware 11 502,110 .18
Florida 391 18,143,479 6.52
Georgia 192 6,981,955 2.51
Hawaii 2 60,963 .02
Idaho 5 215,969 .08
Illinois 46 1,995,041 .72
Indiana 141 4,820,895 1.73
Iowa 12 316,912 .11
Kansas 32 1,375,618 .49
Kentucky 415 15,064,291 5.41
Louisiana 198 7,744,912 2.78
Maryland 17 838,355 .30
Massachusetts 6 313,891 .11
Michigan 141 5,049,645 1.81
Minnesota 30 1,145,912 .41
Mississippi 93 2,988,376 1.07
Missouri 81 2,686,219 .97
Montana 4 172,074 .06
Nebraska 4 101,256 .04
Nevada 7 349,253 .13
New Hampshire 6 194,637 .07
New Jersey 19 1,662,856 .60
New Mexico 65 2,858,347 1.03
New York 71 3,885,486 1.40
North Carolina 979 41,313,296 14.85
North Dakota 6 134,582 .05
Ohio 129 4,112,688 1.48
Oklahoma 86 3,493,636 1.26
Oregon 18 1,057,546 .38
Pennsylvania 43 1,990,920 .72
Rhode Island 3 284,223 .10
South Carolina 505 19,131,256 6.87
South Dakota 9 377,570 .14
Tennessee 1,001 38,158,486 13.71
Texas 1,305 48,658,984 17.49
Utah 9 666,361 .24
Vermont 2 159,879 .06
Virginia 344 13,666,625 4.91
Washington 18 918,388 .33
Washington DC 2 169,820 .06
West Virginia 74 2,527,056 .91
Wisconsin 16 577,935 .21
Wyoming 11 351,426 .13
Other 1 47,050 .02
------------------------------------------------------------------
TOTAL 7,042 278,285,694 100.00
==================================================================
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 16
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Years of Origination of Contracts
Aggregate Principal Pct.
Contract Number of Contracts Balance Outstanding of
Date As of Cut-off Date As of Cut-off Date Total
-------- ------------------- ------------------- -----
1987 3 108,011 .04
1988 1 93,753 .03
1989 2 63,187 .02
1990 2 72,301 .03
1991 64 866,759 .31
1992 1 21,902 .01
1993 5 89,740 .03
1994 1 37,056 .01
1995 2 85,159 .03
1996 34 1,006,372 .36
1997 20 522,772 .19
1998 130 6,257,981 2.25
1999 512 27,882,830 10.02
2000 6,265 241,177,872 86.67
----------------------------------------------------------
TOTAL 7,042 278,285,694 100.00
==============================================
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 17
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Distribution of Original Amounts
<TABLE>
<CAPTION>
Aggregate Principal Pct.
Range of Number of Contracts Balance Outstanding of
Original Principal Balance As of Cut-off Date As of Cut-off Date Total
-------------------------- ------------------- ------------------- -----
<S> <C> <C> <C>
$ 0.00 - $ 5,000.00 1 4,803 .00
$ 5,000.01 - $ 10,000.00 137 1,116,969 .40
$ 10,000.01 - $ 15,000.00 392 4,879,653 1.75
$ 15,000.01 - $ 20,000.00 547 9,331,934 3.35
$ 20,000.01 - $ 25,000.00 703 15,645,521 5.62
$ 25,000.01 - $ 30,000.00 888 24,358,528 8.75
$ 30,000.01 - $ 35,000.00 967 31,167,214 11.20
$ 35,000.01 - $ 40,000.00 733 27,245,327 9.79
$ 40,000.01 - $ 45,000.00 474 20,044,536 7.20
$ 45,000.01 - $ 50,000.00 402 18,953,182 6.81
$ 50,000.01 - $ 55,000.00 389 20,370,691 7.32
$ 55,000.01 - $ 60,000.00 338 19,317,826 6.94
$ 60,000.01 - $ 65,000.00 266 16,514,443 5.93
$ 65,000.01 - $ 70,000.00 188 12,616,851 4.53
$ 70,000.01 - $ 75,000.00 150 10,833,324 3.89
$ 75,000.01 - $ 80,000.00 118 9,118,622 3.28
$ 80,000.01 - $ 85,000.00 62 5,094,321 1.83
$ 85,000.01 - $ 90,000.00 56 4,863,072 1.75
$ 90,000.01 - $ 95,000.00 46 4,201,780 1.51
$ 95,000.01 - $ 100,000.00 33 3,217,353 1.16
$ 100,000.01 - $ 105,000.00 22 2,238,108 .80
$ 105,000.01 - $ 110,000.00 18 1,915,264 .69
$ 110,000.01 - $ 115,000.00 17 1,891,258 .68
$ 115,000.01 - $ 120,000.00 18 2,053,150 .74
$ 120,000.01 - $ 125,000.00 11 1,342,318 .48
$ 125,000.01 - $ 130,000.00 11 1,382,819 .50
$ 130,000.01 - $ 135,000.00 6 790,329 .28
$ 135,000.01 - $ 140,000.00 13 1,780,750 .64
$ 140,000.01 - $ 145,000.00 10 1,418,267 .51
$ 145,000.01 - $ 150,000.00 7 1,033,755 .37
$ 155,000.01 - $ 160,000.00 3 465,205 .17
$ 160,000.01 - $ 165,000.00 1 163,309 .06
$ 165,000.01 - $ 170,000.00 2 336,094 .12
$ 170,000.01 or greater 13 2,579,118 .93
--------------------------------------------------------------------------------
TOTAL 7,042 278,285,694 100.00
================================================================================
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 18
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Distribution of Original Loan-to-Value Ratios
<TABLE>
<CAPTION>
Aggregate Principal Pct.
Range of Number of Contracts Balance Outstanding of
Loan To Values As of Cut-off Date As of Cut-off Date Total
-------------- ------------------- ------------------- -----
<S> <C> <C> <C>
Less than 61.000% 352 9,413,523 3.38
61.000% - 65.999% 211 6,902,768 2.48
66.000% - 70.999% 287 10,743,005 3.86
71.000% - 75.999% 427 17,720,678 6.37
76.000% - 80.999% 711 30,360,540 10.91
81.000% - 85.999% 947 37,569,356 13.50
86.000% - 90.999% 2,328 100,253,041 36.03
91.000% - 100.000% 1,779 65,322,783 23.47
--------------------------------------------------------------------------------
TOTAL 7,042 278,285,694 100.00
================================================================================
</TABLE>
Cut-off Date Contract Rate
Aggregate Principal Pct.
Range of Contracts by Number of Contracts Balance Outstanding of
Contract Rate As of Cut-off Date As of Cut-off Date Total
--------------------- ------------------- ------------------- -----
0.000% - 8.000% 7 352,004 .13
8.001% - 9.000% 160 9,760,527 3.51
9.001% - 10.000% 788 49,800,743 17.90
10.001% - 11.000% 2,109 92,305,356 33.17
11.001% - 12.000% 959 40,883,522 14.69
12.001% - 13.000% 747 24,229,547 8.71
13.001% - 14.000% 1,442 39,523,600 14.20
14.001% - 15.000% 457 12,690,337 4.56
15.001% - 16.000% 338 8,143,440 2.93
16.001% - 17.000% 29 508,218 .18
17.001% - 18.000% 5 73,646 .03
18.001% - 19.000% 1 14,753 .01
-----------------------------------------------------------------------
TOTAL 7,042 278,285,694 100.00
=======================================================================
Remaining Months to Maturity
<TABLE>
<CAPTION>
Aggregate Principal Pct.
Months Remaining Number of Contracts Balance Outstanding of
As of Cut-off Date As of Cut-off Date As of Cut-off Date Total
------------------ ------------------- ------------------- -----
<S> <C> <C> <C>
1 - 72 213 2,492,069 .90
73 - 84 297 4,435,876 1.59
85 - 120 544 11,166,829 4.01
121 - 156 498 12,267,759 4.41
157 - 180 1,203 36,312,306 13.05
181 - 240 2,426 100,202,395 36.01
241 - 300 712 35,653,833 12.81
301 - 360 1,149 75,754,627 27.22
--------------------------------------------------------------------------------
TOTAL 7,042 278,285,694 100.00
================================================================================
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 19
<TABLE>
<CAPTION>
<S><C>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-D
$278,285,694 (approximate)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Distribution of Model Years
Aggregate Principal Pct.
Number of Contracts Balance Outstanding of
HOMEYR As of Cut-off Date As of Cut-off Date Total
------ ------------------- ------------------- -----
1967 1 10,661 .00
1970 1 14,692 .01
1971 8 84,004 .03
1972 15 261,079 .09
1973 8 101,663 .04
1974 7 148,003 .05
1975 7 128,417 .05
1976 8 123,506 .04
1977 14 264,124 .09
1978 14 211,563 .08
1979 24 366,481 .13
1980 13 222,663 .08
1981 20 291,369 .10
1982 29 446,006 .16
1983 34 456,927 .16
1984 67 1,219,427 .44
1985 69 1,138,909 .41
1986 66 1,319,250 .47
1987 62 970,106 .35
1988 53 1,011,799 .36
1989 78 1,573,449 .57
1990 77 1,624,048 .58
1991 105 1,911,293 .69
1992 135 2,611,838 .94
1993 118 2,891,825 1.04
1994 181 4,736,414 1.70
1995 251 7,028,143 2.53
1996 422 12,986,142 4.67
1997 379 13,248,706 4.76
1998 396 15,777,245 5.67
1999 917 46,381,097 16.67
2000 2,047 95,341,543 34.26
2001 1,416 63,383,303 22.78
--------------------------------------------------------
TOTAL 7,042 278,285,694 100.00
=============================================
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Bear, Stearns & Co., Inc. All information described
above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston and Bear, Stearns & Co., Inc. make no
representations that the above referenced security will actually perform as
described in any scenario presented. PAGE 20
